Picture this. Two employees working for two different companies. Both perform the same role, in the same sector, earning the same salary. Yet one is far more valuable than the other. Why? It’s all down to the fact that the high performer operates in a workplace where performance management strategies are paramount.
So how can you ensure your employees are giving it their all? Read on as we explore four key employee performance factors, and why they matter.
Actively monitor performance
The performance management landscape is changing, with businesses implementing innovative new models as they take steps to modernise and augment talent solutions. According to the latest research from the Deloitte Global Human Capital Trends 2015 series, 89% of respondents recently changed their in-house performance management strategy, or plan to make changes within 18 months. By actively monitoring performance you can motivate staff to perform at their best, and pinpoint those who aren’t on par.
Increase employee satisfaction
The relationship between performance and satisfaction is tangible. The statistics speak for themselves, with the latest figures from the Great Place to Work Institute confirming that in 2014, the revenues of enterprises on its ‘Fortune100 Best Companies to Work For’ list increase by 22.2%. The survey drew on attitudes towards a variety of factors, including wages, job security, promotions, growth opportunities, sick leave, retirement plans, physical environment and quality of equipment. Ultimately, the best way to gain insight into employee satisfaction levels is to conduct your own in-house surveys. When developing a strategy, keep the three ‘A’s in mind:
- Annual – Surveys should be conducted annually at a minimum, as employee attitudes and experiences are dynamic and ever changing.
- Accountable – Survey results should be shared with managers operating at all levels, who should be held accountable for results.
- Action – Once results are in all managers should share data with their teams, and develop action plans designer to address key issues.
Actively engage employees
“Employee engagement” and “employee satisfaction” are two different concepts, despite the fact that they’re often used interchangeably. Basically, satisfied employees are happy with their personal and professional growth within an organisation, while engaged employees genuinely care about the facilitation of successful business outcomes. Engagement is just as influential as satisfaction, with Gallup reporting that companies with high employee engagement enjoy 20% higher productivity and profitability rates. Actively engage staff by sourcing opinions, encouraging creative thinking, building cross-functional teams, providing performance feedback and recognising achievements. Rewards come in the form of loyalty and drive, with the American Psychology Association Harrison Interactive Workplace Survey reporting that employees who feel valued by their employer are 60% more motivated than their undervalued counterparts.
Get savvy about rostering
Performance management, satisfaction and engagement are all critical factors at play, however even the most innovative of strategies can collapse if rosters aren’t watertight. Scheduling mix-ups can seriously hinder on-site productivity, which means streamlining the rostering process is essential. With purpose built workforce management solution tools such as Ento, employers can empower businesses with scheduling that’s fast, smart and intuitive. Bringing a host of intelligent features to the table, the scalable solution performs for both small independent businesses and multi-national enterprises.
There are a host of factors at play when it comes to maximising the value of employees, with performance management, employee satisfaction, staff engagement and streamlined rostering identified as key drivers. Through the dynamic transformation of both attitudes and behaviour, employers can motivate staff to perform at their best, with productivity and profitability spikes materialising as a certified side effect.
Ento helps some of Australia’s largest companies (including Telstra, World Vision and Bakers Delight) to streamline their staff rostering without any frustrating spreadsheets.